Several investments are driving the economy in the Commonwealth. In a recent update, Governor Andy Beshear shared three companies are making expansions in Kentucky, totaling over $70 million and creating over 190 new jobs.
Beshear said companies that have been in Kentucky for as long as 30 years are among the businesses making investments, including one locally.
“Powell Valley Millworks officially announced their $29.6 million investment across two projects in Powell and Montgomery counties. The company will retain a total of 214 job and create 33 new ones,” said Beshear.
Additionally, over $7 million in state funding is making way for future investments and job growth in six counties. This Kentucky Product Development Initiative money will expand build sites, like Walters Industrial Park in Montgomery County. Beshear said these investments are having big impacts.
“It’s these types of investments that are why we are winning, why people are picking us, why we can get a company up and running faster than anywhere else. It’s pretty simple, we do the work. We do the work on the front end. We make sure that we are working cooperatively with our communities, showing them that we believe in them,” said Beshear.
$750,000 is also going to eight companies that will expand the technologies industry throughout the Commonwealth. This includes Space Tango LLC in Lexington, which works to accelerate medical and space manufacturing.